Tech stocks were rising late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 1.3% and the SPDR S&P Semiconductor ETF (XSD) climbing 1.8%.
The Philadelphia Semiconductor Index rose 1.6%.
In corporate news, Enphase Energy (ENPH) shares jumped 16% as Oppenheimer upgraded the company to outperform from perform. Enphase late Tuesday posted Q4 non-GAAP earnings that narrowly missed analysts’ forecasts.
Toast (TOST) rose 4.4% after Redburn upgraded the company’s stock to buy from neutral and adjusted its price target to $28 from $17.45.
Snap (SNAP) sank 34.7%. The social media platform forecast an underlying loss for the current quarter after reporting Q4 revenue below Wall Street’s expectations.
Alibaba (BABA) reported weaker-than-expected fiscal Q3 revenue and earnings on Wednesday while it announced a $25 billion increase to its stock buyback plan. Its shares dropped 5.9%.
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